tv Cavuto on Business FOX News February 25, 2012 7:30am-8:00am PST
secret. never had a chance. >> i think it's a great pick and todd is on the money. >> brenda: jonas. >> there's a catch and where is the payoff? >> cavuto on business is next. the new music. anyway, when is a 50-50 split note a fair deal. it's 50% paying for the entire deal. get ready to hear a raw deal. very happy to have you, i'm neil cavuto, all of you occupiers, forget the 1%, it's 49 1/2% on whom you might want to focus. because according to a study, that is how many americans are paying no income taxes, none, not a dime. a record 152 million americans under president obama having no skin in the game, is that anyway to run a fair game?
to ben stein, charles payne, dagen mcdowell along with steffen fitch and charlie gasperino, charles payne, what do you make of it? >> it's outrageous, and no one speaks about the outrageous aspect, the big communal pot of money and the people who take the most out are those who put hardly anything in there, or nothing in there. and i don't understand the notion ever being fair. and the lion's share, whether it's some dependency program or the police departments, always in your neighborhood. the fire department's always in your neighborhood. and youth services is always in your neighborhood. you're taking all the resources out of the pot and putting nothing this and yet, every day the president is browbeating those who put everything in the pot, i don't get it. >> neil: you're not a fan. dagen? >> we should point out that people do pay payroll taxes update. >> neil: absolutely. >> taxes and other-- >> join the club to everybody.
to charles' point it becomes problematic when you have one out of five americans receiving some form of federal assistance and then half of americans are paying no federal income tax, so, you have almost half the population are voting in people who are going to increase with, you know, without paying any taxes and increase those entitlements and the problem is, anytime you talk about broadening the base and making people pay a little bit of tax, somebody on the right or the left is going to talk about, well, you're raising so many taxes and that's in the-- >> and the sales tax is incredibly regress seive, right? right? >> and i'll say right. >> thank you, but poor people pay as much as rich people pay, so. >> and the portion. >> if a poor person buys a $200 nikes. >> sales taxes don't pay for our defense. >> whatever, i'm telling you that poor people pay taxes and we must not leave that out of
the equation and i think they're regress seive. >> my only point in mentioning that and trying. >> in all seriousness, and i think that dagen is right to point out that many people do pay, fica and medicare related taxes and i take nothing away from that. but when it's gotten to the point that nearly half of us are not paying income taxes because of allowances and write-offs and we don't have to, then that mean fewer and fewer have skin in the game and that's the problem. >> it's interesting, i've soon aagree with your general point. >> wish you would have said that, your remarks-- >> poor people pay taxes, too. in certain ways, if you take a certain zip code in new york city, the upper east side. you won't believe how much of federal taxes that they pay. it's tremendous, the 1% of the city pays-- >> are you on the upper east side? >> no, i'm not. >> okay. >> and all right. but that's the 1%, the 1% of the 1% and they pay a lot of
taxes. >> ben stein, my only point in mentioning this, i hear a lot of democrats, liberals talking the rich paid their fair share, that's fine, you want to make that argument. and then wouldn't it behoove you to mention those who aren't paying anything at all? >> well, they're not paying anything, at all because they're called poor or barely getting by. and-- >> half of us barely getting by, half the people in this country? >> an awful lot of people in this country have no retirement income, no retirement savings and living paycheck to paycheck. the rich have so many money they can't afford to pay more taxes. >> no, no, i'm not harg you, ben. is that half of us, i don't discount the fact there are a number of us poor, but half of us, half the people in the company. >> this is a political decision, reached by republicans, democrats, and shift the burden to rich people and i agree to your point they should be paying, most of them should be paying
at least some income tax, otherwise we have a system where the poor people are sucking off the rich people and the rich people are sucking off the future generations, generating public debt. >> by the way, thousand about the massive subsidy we give to government workers who are firmly in the middle class. right? and. >> he they pay taxes. >> they pay taxes, but get the guaranteed pensions they don't pay into. >> no, no, i-- >> and they work very hard. >> and working really hard. >> and ben was mentioning this shift that's going on. well, i think this shift has hit the fan now and i think there's an internal revolt with a lot of people feeling, hey, this is so lopsided to the point of being ridiculous, what do you think? >> listen, here is what's ridiculous, neil. and you're a good bloque and we all are. we all want working people in this country to do well, but i think we're leaving a little inside. the half of the country is actually poor or nearly poor.
>> oh come on. >> and recently reported and that's true. half of the-- and getting by, on less than, we're talking families of four getting by on less than, less than $40,000 a year. you're talking about after paying rent, you're talking about families of four getting by on 500 $400 a week. and-- >> half the country. >> it makes it, that's the true. >> neil: half the country-- >> that is the census bureau talking not me. look at what 40,000 a year bias, if it makes you feel better, makes you feel better to have them pay a few bucks in income tax, i get that sentiment. to give a sense of fairness, sure, have everybody contribute. let's not kid ourselves, wake up to the fact that hath of the country is actually either in abject poverty or nearly. >> oh, no, no. >> look, i don't know what-- before you got here, but, come on, charles payne, here is my point. i think to-- without arguing the point about half the people in it
country, i think it's-- i will ask you this though, i think there's something to be said, no matter how, how you are on the economic scale, to put something into it. to put something having a skin in the game like you go out to eat, and someone else is treating and you don't care, all of a sudden about food and what's happened in this country not only are we ordering anything we want we're bitching about the size of the tip that the person is leaving. that's the dangerous trend. >> it's dangerous and also, everyone should have some skin in the game. the notion that somehow i'm born in this country and i'm entitled to certain living standard that apparently is not enough according to stephan because we've got people dropping in the street with starvation, the fact is how is the money taken? we're taking from small businesses, from people who do everything right. you get a couple out of college, they pay off the student loan after ten years, they raise two or three kids living in the city. and doing everything right and
somehow, they're the villains in this. >> let me just say, one quick thing. where does it stop? you mentioned 152 million people who pay no federal income tax back in 1984, it was 35 million people. at what point are we going to have to step up and make more people this this country, pay for our military. just, just a start. >> how about health care? >> and there's the point. the problem is, you keep adding more entitlements. and you know, at some point you kill the golden goose. businesses will not hire if you keep hammering them. >> a quick response to that defense? >> and quickly say. >> go ahead, steffen and then to ben quick, and then we'll take a break. >> there's a long war to reduce the federal tax burden and that has been won. very few pay federal taxes and there's not high federal taxes. >> go to the hospitals and
bethesda, you'll see poor people and skin in the game. >> air making a general statement, again, ben. a general statement, i don't think is right there. and did you see the wild parties down in new orleans were not, it turns out for fat tuesday. actually, they were for me and our nonstop coverage, you doubt me? prove me wrong. the our nonstop coverage of tuesday's crucial michigan and arizona primaries. we kick off 4 p.m. eastern time your world. and over to fbn 8 p.m. eastern time. when we're tracking not only the winners and who is ultimately declared, but the only place you can go to get a tick for tick read of the market and how they're responding overseas, how our futures markets are doing, only place in the planet where it's happening because as i've always said, we're not red or blue, we're green. and that's what we're interested in, your money and i am he' thinking to myself, ben, they might not get fbn. this is where you say demand it. >> okay. on this particular show,
anyway. up next, the white house has made it clear, all that money is going to super pacs for the g.o.p. candidates, super bad, but the florida million unions are ready to stand up and democrats and other get reelect reelect reelected? and that's just super? i don't know. [ female announcer ] need help keeping your digestive balance?
>> good morning everyone, live from america's news headquarters, i'm jamie colby. romney and santorum are might go for michigan. holding rallies. newt gingrich taking on president obama's energy policy at a g.o.p. convention in california and ron paul is holding a rally in oklahoma city. michigan and arizona holding primaries tuesday the 28th. meanwhile, forecasters are confirming two tornados have touched down and severe storms pushed through south carolina. take a look at the brand new video of the aftermath.
and debris clocked at 130 miles per hour. and carved an 8 mile passage of destruction and trees toppled down and thousands without power and luckily no reported injury. that's good news. i'm jamie colby, back to cavuto on business and all of your headlines, go to foxnews.com, keep is here on fox. fox. >> on top of what seems to be an over the top number. 400 million dollars how much unions are reportedly set to spend on keeping president obama and a lot of democrats in power. dagen, we're hearing about the evils of super pacs, not saying it's justify, but a selective rage here. >> it is, but of course the unions are going to spend money because they are relying on president obama and democrats to increase their power. it wasn't card check, but they've gotten a long way with this administration. and including, including the national mediation board making it easier to unionize, but on top of that, it's okay
to take super pac money as well. president obama barbs the republicans, but then says it's all right for my cabinet members and senior aides to speak at the super pac events that are backing him. he clearly take money wherever he can get it at this point. >> neil: and thinking, charlie gasperino, wounded owe the unions may be over history, they have a lot of clout and can still raise a lot of money. >> a lot of that clout is with the public sector unions. >> there's nothing wrong with the unions giving this money. this is good, part of the process. this to me is a media bias story like the new york times writing about every rich fat cat giving to romney and santorum and gingrich and ignoring the huge potential, particularly, a private sector, the public sector unions which i think is a huge problem to begin with, having a public sector union who can put people in offers and then turn around and give the sort of golden plated-- gold plated pension deals.
so, this ere's nothing wrong wih it, it's just that the media wasn't cover it fairly. >> there's a difference, i know union members are upset and taken from the money from their membership and giving to causes, and candidates they don't back. bill maher gave a million dollars to obama this week, his right to do. >> neil: a big fox alert. >> he's against super pacs and president obama is against super pac, but keep the money coming in. the bottom line, maybe unions may need a union so the money is distributed where they want it to go. >> neil: ben? >> i don't have as-- i'm sorry, i don't have as big a problem with unions super pacs, because union super pacs represent millions and millions of americans, and millions and millions of americans spending their money to have their political voice heard doesn't bother me as much as say, sheldon adelson, one guy, spending 100 million bucks to get his voice heard. that's democracy.
>> neil: ben, what do you think of that, ben? >> and there's nothing wrong with unions, they're perfectly legal, being in a union is a great thing. i can tell you as the only union member in this group. nothing wrong with them spending their money. they're on their knees and beaten to a pulp by foreign competition and the industry. you can expect them to try every measure to preserve their strength. >> it's not going to work, the public sector unions aren't on their knees. >> and the governor-- >> in a couple of months, and that's where i worry about it, but listen, like i said, this is a media bias story, and the media's not covering this, in a fairway, the particularly the public sector unions have enormous power in state governments, they can do whatever they want. >> who pays their salaries? who pays their wages? the taxpayers. >> and they're extorting dues from their members to remove a sitting governor. that's insane. >> i just like stephen's
selective free speech. i love that. >> and rich guy can't-- muzzle the rich dude, but everybody else is all right. >> and that's not what you're fair? >> it was kind of-- >> and (laughter) >> i tried to help you. >> when we come back, talk about another kick in the fanny, and fannie mae, freddie mac ringing over a million dollars in legal fees and guess who is paying that bill, you. and the forbes gang is saying enough is enough. and that's at the at the top of the hour. next, do you think that social security is running on empty now? wait until you hear a new plan to ease your pain at the pump to leave social security completely out of gas. ♪ [ wind howling ]
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>> extra green to pay for sky high gas and there is he' a former white house advisor saying that if gas tops $4 a gallon nationally and a lot of areas are over that, washington shut cut the payroll tax at least another 1% so people have more in their pocket when pumping up. what do you think of that, ben. >> ridiculous, it's a normal market fluctuation on the price of oil caused by the middle east, and there's going to be a war there sooner or later. and why should they borrow and endanger my grandchildren. it's pure bolshevikism.
>> and i'll agree with ben. should ignore them. a fill in tax as gas does, as it will, drop back to $3 a gallon and throw some taxes on that and use that to pay for bridges and highways. >> another regressive tax. >> and you're saying that california, new jersey, new york, state tax on gas is 50 cents and add 18 1/2 cents. >> you're not for a swap out with the payroll tax. >> first of all, the payroll tax cut we have is costing us $10 billion dollars a month. money we've got to pay back and we're borrowing this money and social security is already bank result. it's nuts, crazy. >> charleses to that point, i rose to these, so you're getting a tax break by them not raising the federal gas tax, hadn't gone up since the mid 1990's and potholes not
getting fixed. >> in new york, the same roads fix them every week-- every year and broken the next week, something is wrong. >> we've been having the infrastructure crisis since i can remember. >> the republican might get tripped up on when they went ahead and caved on the payroll tax extension because it was causing grief. the argument they wanted it paid for and now they're okay with it not being paid for. don't you think that the president has an advantage on this issue politically? >> well, i think the republicans' problem was not cave, it was engaging in the argument and engaging in it. it should never have gone and cut the thing. to be honest with you, i don't have problems with cutting taxes and i, you know-- >> no matter where it's from. >> you know, i don't have a problem with it, i'm for the smaller governments and-- >> and i like, i like taxes of all types to go down. >> i have a problem with cut being taxes and calling it temporary and then not figuring out a way to pay for it. >> and here is the the thing, you're right about that, the last year it was a temporary
deal and now it's another year and next, you know, anytime you reverse it, it's an increase. >> yeah, it's an increase and people adapt and they understand it's temporary. >> the public now sees that a payroll tax cut as a positive and the president on the radio station, and told them. listen, i gave you the payroll tax cut as if that's a great thing. 40 bucks in the paycheck, the new american dream and it's selling. >> well, people-- >> hey, good luck, good luck, you know, we should not cut it further, 'cause good luck trying to reverse it at the end of the year, you mark my words, it doesn't go away. >> i wish i could respond to you with a southern accent, but i hear where you're coming from, dagen and charlie, thank you both, very very much. the market coming back now, and the pre-financial crisis levels. our gang with the stocks leading that comeback and the names that they say could he lead the markets to new all-time highs. are you in? get a pen, get ready. "for starters, it didn't cost me anything."
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rolling? >> i am reiterating this. it continues to go much, much higher for many years. >> it is just too expensive. good company but too expensism. >> what are you doing, buddy? >> boston properties. they are buying a beautiful build nothing boston at a 25 percent discount. trading 35 mimes in real estate earnings. it is pricey but has a long ramp. >> what do you make of that ben? >> office properties are shaky. but over 30 years it will do fabulous. >> over 30 years. >> yeah. >> a longer longer term. >> and what are you doing, ben? >> i will pick north folk suthern railroad. i think in times of high gas prices people will go by